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Northumberland Realty (1987) Ltd.

MULTI-RESIDENTIAL HOMES for sale

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For sale $1,170,000
327 Fitzroy Street, charlottetown, Prince Edward Island

327 Fitzroy Street

Charlottetown, Prince Edward Island

For sale $729,900
23 Upper Prince Street, charlottetown, Prince Edward Island

23 Upper Prince Street

Charlottetown, Prince Edward Island

For sale $549,000
75-77 Brackley Point Road, charlottetown, Prince Edward Island

75-77 Brackley Point Road

Charlottetown, Prince Edward Island

For sale $299,000
170 Downing Street, borden-carleton, Prince Edward Island

170 Downing Street

Borden-Carleton, Prince Edward Island

For sale $579,000
247,249,251 Queen Street, charlottetown, Prince Edward Island

247,249,251 Queen Street

Charlottetown, Prince Edward Island

For sale $1,160,000
28 Kent Street|75 Rochford Street, charlottetown, Prince Edward Island

28 Kent Street, 75 Rochford Street

Charlottetown, Prince Edward Island

For sale $549,900
53 Fitzroy Street, charlottetown, Prince Edward Island

53 Fitzroy Street

Charlottetown, Prince Edward Island

For sale $1,480,000
42, 44, 46 Kelly Heights, stratford, Prince Edward Island

42, 44, 46 Kelly Heights

Stratford, Prince Edward Island

For sale $569,950
15-17 Rilla Road, charlottetown, Prince Edward Island

15-17 Rilla Road

Charlottetown, Prince Edward Island

For sale $1,179,000
239 Cumberland Street, charlottetown, Prince Edward Island

239 Cumberland Street

Charlottetown, Prince Edward Island

For sale $1,699,000
30 A,B,C,D Macwilliams Drive, east royalty, Prince Edward Island

30 A,b,c,d Macwilliams Drive

East Royalty, Prince Edward Island

For sale $5,500,000
Lot 10 and 12 Phillip Street, tignish, Prince Edward Island

Lot 10 And 12 Phillip Street

Tignish, Prince Edward Island

Multi-Residential homes included duplexes, triplexes and other multi-unit properties up to apartments. These are generally considered to be investment properties. Duplexes are often purchased by those who want to live in one unit while renting the other side. This helps defray the cost of mortgage, utilities and other cost associated with operating a household.

Smaller multi-unit properties up to 5 units can be purchased and mortgaged under the same terms as single family units – but over 5 units you will need a commercial mortgage. In most cases multi-residential homes are not eligible for mortgage insurance and you will have to have a 20% downpayment. Some lenders can offer 5% downpayment on duplexes.

When purchasing a multi-unit, even a duplex, you should think carefully and decide if you really want to have to deal with tenants. Running this type of property is a business and especially if you are planning to live in one of the units, you may want to consider if you want to be as close to tenants as they will have easy access to you when they have complaints or problems.